ATRIUM LEGAL LAB LTD

The Experts for your Regulated
Financial Entity


  • Cryptocurrency
    Exchange
  • Estonia
    Cryptocurrency
    Exchange
  • Estonia, a new European Crypto Market -
    Starting a Crypto Currency Company in Estonia with Exchange and Wallet Service Provider License

    Key points for Cryptocurrency Company structure

    Expected Timeframe

  • Isle of Man
    Cryptocurrency
    Exchange & Trade
  • Regulatory Oversight as a means of Attracting Business

    Designated Business Registration Policy IOMFSA Changes – 5th October 2018

    How long will an Application take?

  • Ireland
    Cryptocurrency
    Company
  • Open a Cryptocurrency Company in Ireland

    Why Register a Bitcoin Company in Ireland?

    Cryptocurrency Regulation 2019 Taxation

    Anti-Money Laundering Requirements

    Ownership and Licensing Requirements

    Passporting Rights

  • New Zealand
    Cryptocurrency Trade and
    Initial Coin Offering (ICO)
  • New Guidance on Cryptocurrencies and Initial Coin Offering (ICO)

    Exchanges, Wallets, Broking
    Registration and other Obligations

    Initial Coin Offering (ICO)

    ICO Regulation
    Types of Financial Product
    Tokens that are not Financial Products

    Other Obligations
    Fair Dealing and Initial Coin Offers

    FMA Services

  • Foreign Exchange(FX)
    Securities Dealer
    License
  • Cyprus Brokerage Services
    Forex Trading License
  • Cyprus Investment Firm (CIF)
    Why Cyprus?

    Cyprus Strategic Advantages

    Cyprus Investment Firm (CIF) License
    Initial Capital Requirements

    Conditions for the Granting of a License

  • Mauritius
    Investment Dealer
    Broker License 
  • Business activities

    Capital requirements

    Application requirements

    Information and Documents required

  • Seychelles
    Securities Dealers License,
    Forex
  • Seychelles Advantages

    Applying for a Securities Dealers License

    Capital Requirement

    Financial Dealers Licensing Amendments

    Transitional Provisions

  • Vanuatu
    Securities Dealers
    Forex
  • Vanuatu FX Regulation

    List of Securities Covered by
    The Dealer in Securities License

    Key Requirements
    Vanuatu Securities Brokerage Dealer License

    Why Vanuatu Forex License

    How Atrium Legal Lab Can Help You

  • E-Money
    Payment Services
    Institutions (EMI - PSP)
  • Mauritius Investment Dealer &
    Broker License
  • Mauritius Advantagese

    Mauritius Investment Dealer
    Licenses available

  • New Zealand
    Financial Services Providers
    FSP
  • Advantages to be Licensed in New Zealand
    As a Financial Services Provider (FSP)

    NZ FSP Registration
    Who needs to be licensed?

    New FMA Role

    New Zealand FSP Registration
    What you need to Obtain FSP Registration

    NZ FSP Registration
    Timeframe to Complete this process

  • Financial Holding &
    Private Asset
    Management
  • BVI Hedge Funds
  • Funds in the British Virgin Islands
    Fund Structuring

    British Virgin Islands
    Registration of an Investment Fund

    BVI Incubator and Approved Fund

    BVI Hedge (Incubator) Funds
    Limited Functionary Requirements

  • Luxembourg
    Private Asset Management
    Company (SPF)
  • Luxembourg Private Asset Management Company (SPF) - The Concept

    Permitted and Prohibited Activities of a Luxembourg SPF

    Luxembourg SPF
    Capital Requirement and Supervision

    Luxembourg Private Asset Management (SPF)
    Advantages

  • Luxembourg
    Holding & Finance Company
    SOPARFI
  • Luxembourg SOPARFI (Société de Participations Financières) - The Concept

    Why Luxembourg?

    Luxembourg Holding (SOPARFI)
    Advantages

Financial Services Providers
New Zealand FSP

Besides No Capital Requirement
New Zealand is recognized as a Premium Jurisdiction
It provides all the Advantages of all
Traditional Financial Centres and
It is recognized as a true Onshore Financial Centre
Which is not blacklisted by any authority in the world

There are several informations and requirements you must be aware of before you can register a FSP company in New Zealand. Check the following information.

Advantages to be Licensed in New Zealand
As a Financial Services Provider (FSP)

New Zealand is recognized as a premium jurisdiction for the following reasons:

There is no minimum capital requirement.

It provides the all advantages of all traditional financial centres and is recognized as a true onshore financial centre which is not blacklisted by any jurisdiction or authority in the world.

It is not perceived by O.E.C.D. as a harmful tax jurisdiction and has no connotations as a tax haven.

It is a member of the O.E.C.D. and World Trade Organization.

New Zealand is a member of the British Commonwealth, English is the main language, has a common law system, and the majority of legislation including trust law is founded on British law.

It is not a member of the EU and is not influenced by the EU Savings Tax Directive and any future developments (should they be extended to apply to companies or trusts).

It is a signatory to the 1922 Hague Convention and can provide Apostilled documentation as well as Notarized documentation.

In today’s troubled and unstable times New Zealand is considered a safe location and offers long term security. It has a Westminster style Government and together with its administration, is stable and competent.

New Zealand has a well-developed infrastructure, including a progressive and robust economy, efficient telephone and internet services, competitive and frequent air travel, experienced reliable professionals serving global clients with trust and company requirements which include legal opinions on tax, trust and company matters, and has reliable internet global banking services.

New Zealand repealed its entire Banking Act in 1995 and thereby facilitated free entry into the business of financial services.

If financial services are not offered to the public in New Zealand, the requirements of prospectus, supervisory trustee and investment statements as set out in Part II of Securities Act 1978 do not apply.

NZ FSP Registration
Who needs to be licensed?

Entities and individuals who:

- live or have a place of business in New Zealand; and
- are in the business of providing financial services (in New Zealand or overseas) must register to provide that particular financial service on the FSPR.

Those entities and individuals will have to register as a financial service provider (FSP), getting a FSP company license.
This means that entities which provide financial services in the territory of New Zealand are required to become registered as an FSP.
However, if a New Zealand registered entity provides financial services internationally but not for New Zealand clients then it is not eligible to apply for FSP registration. New Zealand legislations do not restrict New Zealand registered companies or Limited partnerships from providing financial services elsewhere.
Once registered, the FSP can offer:
Financial adviser service
Broking service
Acting as a deposit taker as defined in the Reserve Bank of New Zealand Act 1989
Keeping, investing, administering, or managing money, securities, or investment portfolios on behalf of other persons Providing credit under a credit contract
Operating a money or value transfer service
Issuing and managing means of payment (for example, credit and debit cards, cheques, travelers’ cheques, money orders, bankers’ drafts and electronic money)
Giving financial guarantees
Participating in an offer of securities to the public in either of the following capacities (within the meaning of those terms under section 2(1) of the Securities Act 1978)
As an issuer of the securities
As a promoter
Acting in any of the following capacities (within the meaning of those terms under section 2(1) of the Securities Act 1978) in respect of securities offered to the public
Changing foreign currency
Entering into derivative transactions, or trading in money market instruments, foreign exchange, interest rate and index instruments, transferable securities (including shares), and futures contracts on behalf of another person
Providing forward foreign exchange contracts
Acting as an insurer
Providing any other financial service that is prescribed for the purposes of New Zealand, complying with the FATF Recommendations, other recommendations by FATF, or other similar international obligations that are consistent with the purpose of this Act.
Therefore, the activities a FSP can undertake are virtually unlimited and (subject to the laws of the jurisdiction where it operates) there are no restrictions as long as it does not take deposits from the New Zealand public or do business in New Zealand.
Any entity either New Zealand or registered somewhere else can be a New Zealand FSP.

New FMA Role

FMA has been shown they are not satisfied about the way the FSPs are conducting their business in NZ. In their view, just having an administrative office in NZ, it is not sufficient by a large measure. An existing FSP or an application for one must show clearly how the FSP is conducting their business from NZ for both overseas and NZ based clients.

FMA expects that a current or prospective FSP must show clearly how they are conducting the business from NZ, in order to justify having a New Zealand FSP registration.

In this regard, and once the registration has been obtained, the FSP has three months to get the FSP business up and running; in case this requirement is not satisfied, any time extensions will not be granted.

All this not entirely unexpected and goes back to earlier years when both foreign and NZ clients were badly ripped off by unscrupulous operators.

Concrete proof that the applicant has set up an office with local employee(s), has its website fully compliant with the financial activities it has applied for, trading platform set up, marketing strategies ready to go, clearly showing how the FSP will be conducting their business from NZ and targeting NZ based clients and, subject to getting its FSP registration, is ready, willing and able to commence business from NZ.

New Zealand FSP Registration
What you need to Obtain FSP Registration

In order to obtain an FSP registration and offer financial services in New Zealand and internationally, Client needs:

To register a New Zealand legal entity;
To have its own place of business and management in New Zealand, where the company will be offering its financial services from;
To apply for membership with a government approved Dispute Resolution Scheme (in case of services provided to retail clients);
To register with FSPR for those financial activities/ services to be carried out;
To open and maintain a local business bank account;
To maintain appropriate financial and corporate records in New Zealand;
To comply with bookkeeping, accounting, pay-rolls, audit and any other legal local requirements;
To have a local resident Company’s Office Manager physically available for any Regulator’s inspection at the Company’s local premises;
To file an annual Anti-Money Laundering and Countering Financing of Terrorism Act 2009 Report (AML/CFT);
To have a risk assessment and AML program in place, from the date of registration on the FSPR; and, as per newer legislation; To have at least a local resident New Zealand Company Director;

Application Requirements

First of all, and in full compliance with FSPR and FMA, TBA will be available to help you to take initially care of the Company’s local premises in New Zealand.

At the same time, to help recruiting initial staff as may be necessary for the start of your operations in New Zealand market, if requested.

At least a resident office manager ought to be recruited, on a minimum 10 up to 20 hours a week; full recruitment support, should you need it, will be provided; please contact us for relevant details.

In terms of paperwork for further compliance, we shall need you to provide us:

Company Application Form to be filled and signed;
Organizational/structure chart showing board of directors, shareholders, list of senior persons (compliance officer, Money Laundering Reporting Officer and deputy) and other officers who will would be responsible for the day to day operations;
Business plan with 3-year projections giving details of proposed activities, types of customers, products and services to be offered (brokerage, CIS securities, underwriting, etc.);
An Internal Procedures Manual;
An Anti-Money Laundering & Compliance Procedures Manual;

Details of proposed membership with an Exchange, clearing and settlement facility, etc.;
Details of procedures and systems to prevent conflicts of interest, terrorism and money laundering;
An indication as from where the company intends to operate;
Indication of the profile and location of the target clients of the company;
Details of the modus operandi of the company (mode of operation);
Confirmation whether the company will have a trading platform and details thereof;

Necessary technical support will be provided upon your requirement; please contact us for relevant information.

Due diligence documents on directors, shareholders, all officers, beneficial owners, etc. as per below:

Officers’ due diligence, including CV’s stating qualifications, work history, experience/expertise in investment/securities management and present occupation. It should also include details of the source of the funds from the shareholder or beneficial owner only.

NZ FSP Registration Timeframe to Complete this process

Step 1
The current process appears to take about I ½ to 2 weeks to incorporate a company, obtain a NZ Bank account and necessary/eventual changes on the shareholder and directorship structure.

Step 2
A Business Plan (in case Client has contracted this service from TBA) has to be written and edited, CVs to be vetted, a NZ office and a part time manager appointed before formally applying online with FSPR. Dependent upon TBA’s input, it can take another 4 to 6 weeks for this process to be completed.

Step 3
FSPR tends to take another 4 to 5 weeks, considering all questions they may and usually place before handing over the application to FMA.

Step 4
FMA’s official position is that their enquiries will take up to 60 working days (i.e., 12 weeks) before we get a definite answer. Total Expected Timing to get this whole process completed - 25 weeks.

Therefore 5 to 6 months for you to consider getting your own project licensed, that will be a reasonable timing.

Atrium Practice

Our lawyers and financial services specialists at ATRIUM LEGAL LAB provide solutions to clients by combining the traditional legal fabric with new technologies.

New Zealand is recognized as a premium jurisdiction
It provides all the advantages of all traditional financial centres and is recognized as a true onshore financial centre which is not blacklisted by any jurisdiction or authority in the world.

Atrium Legal Lab has a team of trained professionals to advise clients who are interested to set up a FSP in New Zealand.
In particular, we welcome questions about NZ FSP Registration and are pleased to assist you.

Should you have an enquiry
You would like to discuss with us
You can either call or email us.

One of our Customer Representatives will be most pleased to help and assist you

Send us your message Now!
Legal disclaimer

The information and materials contained in this website do not constitute an offer, invitation, solicitation, advice or recommendation to buy the products and services offered and rendered by Atrium Legal Lab Ltd and shall be applied with prior consultation.

Atrium Legal Lab Ltd does not offer legal or tax advice without consultation with certified professionals with related appropriate skill and expertise.

The information contained in this website is for general guidance on matters of interest only and should not be considered as guidance for financial or tax decisions, or a substitute for specific professional consultation.

While we have made every effort to ensure that the information contained in this website is accurate and correct due to constant changes in laws, rules and regulations Atrium Legal Lab (BVI) Ltd accepts no liability for any loss or damage arising directly or indirectly from action taken or not taken relying on the information contained in this website. In particular no warranty is given as to the completeness, accuracy, reliability of such information and as to whether it is at all times up to date.

Atrium Legal Lab Ltd accepts no liability for any loss or damage direct or indirectly arising from the application of any information contained in this website, including any loss, damage or expenses arising from, but not limited to, any defect, error, mistake, inaccuracy, reliability of this website, its contents or related services, or due to any unavailability of this Site or any part thereof of any contents or related services.